HOUSTON | Ivy Lofts | 234 FT / 71 M | 28 FLOORS

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Developer: Novel Creative Development
Architect:
Type: Residential, retail (550 units)
Location: 2604 Leeland St., Eado (East Downtown)
Construction Timeline: May 2016 Start Date - Winter 2018 Completion

*The East End is picking up steam as this is the second high-rise proposed for the area. Ivy Lofts is also the first micro-unit project for Texas.

- 16 residential levels
- 7 levels of parking
- ground floor retail

https://www.facebook.com/theivylofts/

http://theivylofts.com/

Exclusive new details revealed for first micro-condo project in Houston

Novel Creative Development LLC has revealed new details for Ivy Lofts, the first “micro-unit” condominium project in Houston.

The Houston developer plans to build the 24-story, 550-unit project on a 1.4-acre city block, bounded by Leeland Avenue, Nagle Street, Pease Avenue and Live Oak Street in East Downtown. The land, which formerly housed a Vietnamese grocery store, was purchased in November 2014 for a little less than $3 million.

Novel Creative Development — founded by a group of doctors, real estate investors and midrise condo developers in New York — was inspired by My Micro NY, the first affordable micro-unit apartment building developed by Michael Bloomberg in Manhattan. They hope to bring the micro-unit concept — units that are less than 500 square feet and geared toward young, single working professionals— to Houston's up-and-coming EaDo neighborhood.

“It’s a new concept for Houston,” said Wen Pin Tsai, Novel Creative Development's vice president of business development. “We feel there’s potential for this in Houston.”
Ivy Lofts, designed by Houston-based Powers Brown Architecture, will feature four floor plans: 300- and 450-square-foot lofts as well as 600- and 700-square-foot traditional condo units. There also will be eight larger penthouse-style units, ranging from 820 to 942 square feet. The majority of the units however — about 60 percent — will be less than 500 square feet.

The units will feature luxury finishes, a balcony and transformable walls and furniture, such as a Murphy bed, a coffee table that turns into a desk, a bookshelf that disassembles into chairs or a mechanical dining room table that collapses into the floor.

“This will change the way Houstonians live,” said Brandon Vos, a marketing director for Re/Max Inner Loop and Ivy Lofts. “This is a more efficient way to live. There’s no wasted space.”
Prices start from $119,000 for a 300-square-foot loft. The larger units — 700-square-foot units and above — will start at $375,000.

Re/Max Inner Loop, which is marketing and selling the units, expects to sell all 550 units within two months after the sales center opens. Novel Creative Developments plans to break ground on Ivy Lofts in June 2016, with delivery expected by the end of 2018. The project will be financed by a construction loan, private equity and foreign investors through the EB-5 program.

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Site:


https://www.google.com/maps/@29.7437...8i6656!6m1!1e1

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Breaking ground pretty soon.

Good morning ****,

Thanks for your inquiry about Ivy Lofts. The initial information I have is that they will be one and two bedroom units for sale. They're scheduled to break ground within the next few weeks.

Square footage and price points have not been confirmed yet, but with your permission, I can add you to me contact list and keep you updated with information as I receive it.

Sincerely,
******

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[Shasta]

I love this one and the idea of smaller/lower priced units. I also love the location. East Side is moving UP^

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http://theivylofts.com/

https://c2.staticflickr.com/6/5712/2...70b52ee6_o.jpg

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500 micro-units, planned to break ground by Summer 2016. If this does well maybe we can expect more high-rises containing micro-units.



http://www.bizjournals.com/houston/n...-for-eado.html

Originally Posted by HBJ

Micro-condos slated for EaDo

Houston-based Novel Creative Development LCC is in the final stages of planning a new modern-living project east of downtown.

The 24-story development, known as the Ivy Lofts, will be home to some of Houston's first "micro-unit" condominiums and is slated to begin construction next summer. The 1.4-acre property is located at the corner of Leeland and Live Oak streets and will contain 500 micro-units, with first-floor retail.

Houston-based Powers Brown Architecture designed the plans for the building. Re/Max Inner Loop is handling the sales for the project, which are expected to begin in February.

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http://www.bizjournals.com/houston/m...rst-micro.html

Ivy Lofts, designed by Houston-based Powers Brown Architecture, will feature four floor plans: 300- and 450-square-foot lofts as well as 600- and 700-square-foot traditional condo units. There also will be eight larger penthouse-style units, ranging from 820 to 942 square feet. The majority of the units however — about 60 percent — will be less than 500 square feet.

Prices start from $119,000 for a 300-square-foot loft. The larger units — 700-square-foot units and above — will start at $375,000.

Novel Creative Development has started to redevelop a warehouse on the site into a 10,000-square-foot sales center with four completely furnished units. The $600,000 sales center is expected to open in April.

Re/Max Inner Loop, which is marketing and selling the units, expects to sell all 550 units within two months after the sales center opens. Novel Creative Developments plans to break ground on Ivy Lofts in June 2016, with delivery expected by the end of 2018. The project will be financed by a construction loan, private equity and foreign investors through the EB-5 program.

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Converting the warehouse into the sales center:






c/o Ivy Lofts via Facebook

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More micro-unit condo buildings may be on tap for Houston.

http://www.papercitymag.com/interior...-in-a-big-way/

If the micro-unit concept works, Dinh says, the developer plans to build two larger projects in Houston, “building more than 1,200 condo units with even more ‘affordable’ price.”

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Model:

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A better look:

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Video Link

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c/o HoustonMidtown:

Went to the "VIP Reservation Event" yesterday

They did a quick presentation showing the various floor plans and then did Q&A. People could reserve units for $250. There was a morning event which was apparently much larger than the 2:00pm event. There were about 30 units reserved when I left with quite a few people still talking to agents.

Ground breaking will be in August

Completion estimated August 2018 (I wonder if he misspoke on this, 2 yrs seems a long time?)

HOA fees will include ATT Digital Life home automation (remote light, doors, alarm, AC etc)

Sales center will open in March

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- 65 units reserved
- Another VIP Registration Event being held later this month

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https://www.bisnow.com/houston/news/...-houston-55437

Ivy Lofts should complete in 2018. Meanwhile, Novel Creative Development is confidently eyeing its next micro-unit developments. Lisa tells us the team is planning two more micro-condo projects at the Med Center and the Galleria.

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More than 90 units reserved so far.

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New concept being worked on after poor sales.

Exclusive: Houston’s first major micro-unit condo project shifts direction

The developer is now redesigning the project into one of the first condo hotels in Houston, Tsai said. Condo hotels, or a contel, is a condo building that is operated as a hotel. When the buyers aren’t using their condos, it is rented out to visitors.

“The micro-condo concept works, but we had to tweak our project a little bit, trying to create something more favorable to investors,” Tsai said. “Investors want an investment vehicle. We project between a 7 percent and 9 percent return.”

The condo hotel idea is still in the conceptual stages, and more firm details like unit counts are still being worked out, Tsai said. However, the project could include a co-working office and retail components, he said.

Novel Creative Development hopes to relaunch the redesigned project after Labor Day, Tsai said.

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New design:

http://x.lnimg.com/attachments/672E3...FD58A4E860.pdf